Pine Labs PoS terminals
Pine Labs has partnered with ICICI Bank to enable the acceptance of the digital rupee on its point of sale (PoS) terminals. The digital rupee will be accepted initially through dynamic QR codes built into Pine Labs’ smart Android PoS terminals at key retail outlets in Mumbai and Bengaluru. B Amrish Rau expressed excitement about partnering with ICICI Bank in launching Central Bank Digital Currency (CBDC) as a payment option under the pilot run by the Reserve Bank of India (RBI). The RBI’s CBDC pilot for person-to-person (P2P) and person-to-merchant (P2M) digital rupee transactions is currently live with several leading banks and is expected to expand to more banks, users, and locations, along with additional applications.
Pine Labs and ICICI Bank have joined hands to introduce the digital rupee as a payment option on point-of-sale (PoS) terminals in Mumbai and Bengaluru. The move is expected to reduce the operational costs associated with managing physical cash, enhance financial inclusion, and improve the efficiency of payment transactions. According to Bijith Bhaskar, Head-Digital Channels and Partnerships at ICICI Bank, this collaboration will offer users a seamless payment experience and improve the operational efficiency of merchants using PoS terminals. Pine Labs is backed by investors like Sequoia India, Actis Capital, Temasek, PayPal, and Mastercard and is headquartered in Singapore.
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